Search Results for "Income-tax Act 1961"

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Search Results for "Income-tax Act 1961"

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High Court

Madras High Court Allows Assessee's Appeal in MAT Computation Case — Capital Gain on Sale of Fixed Assets Cannot Be Added to Book Profit Under Section 115JB When Not Credited to Profit and Loss Account. The Court held that the Assessing Officer cannot rework book profit under Section 115JB by including capital gains directly absorbed in the balance sheet, as the computation under Section 115JB must be based on the profit as shown in the profit and loss account prepared in accordance with the Companies Act.

20 Mar 2026

The appellant, M/s PVP Corporate Parks Pvt. Ltd., a private limited company engaged in leasing and renting of amenities and buildings, filed its incom...

High Court

Bombay High Court Quashes Assessment Order for Violation of Natural Justice Under Section 144B of Income Tax Act, 1961 — Failure to Issue Show Cause Notice-Cum-Draft Assessment Order Renders Order Invalid. The court held that the mandatory procedure under Section 144B requiring issuance of a show cause notice-cum-draft assessment order was not followed, and the assessment order recording issuance of such notice was contrary to record, violating principles of natural justice.

18 Nov 2024

The petitioner, Teerth Developers and Teerth Realties JV (AOP), an association of persons, filed a writ petition under Article 226 of the Constitution...

High Court

Bombay High Court Quashes Reassessment Notices in Income Tax Case Due to Lack of Independent Application of Mind by AO. Dividend Stripping Provision Under Section 94(7) of Income Tax Act, 1961 Not Applicable Where Assessee Suffered Net Loss on Sale of Mutual Fund Units Exceeding Dividend Received.

8 Mar 2024

The petitioner, Karan Maheshwari, an individual investor in shares, stocks, securities, and mutual funds, challenged a show cause notice dated 20 Augu...

Supreme Court

Supreme Court Dismisses Appeal of Yum! Restaurants (Marketing) Private Limited in Doctrine of Mutuality Case — Surplus from AMP Activities Held Taxable as Income. Contributions from Non-Beneficiaries and Lack of Complete Identity Between Contributors and Beneficiaries Defeats Claim of Mutuality Under Income Tax Act, 1961.

24 Apr 2020

The appeal arose from a dispute between Yum! Restaurants (Marketing) Private Limited (YRMPL), a wholly owned subsidiary of Yum! Restaurants (India) Pv...

High Court

Bombay High Court Allows Deduction for Retrenchment Compensation Reimbursed by Assessee to Subsidiary Under Contractual Agreement. The court held that retrenchment compensation paid by the subsidiary and reimbursed by the assessee under a contractual agreement is allowable as business expenditure under Section 37(1) of the Income Tax Act, 1961, as it was incurred for commercial expediency and business reorganization.

26 Aug 2016

The case pertains to an Income Tax Reference under Section 256(1) of the Income Tax Act, 1961, for the Assessment Year 1980-81. The assessee, The Wall...

High Court

Bombay High Court Allows Writ Petition Seeking Interest on Refund of TDS Under Section 244A of Income Tax Act — Mandamus Issued for Payment of Interest on Delayed Refund. CBDT Communication Denying Interest Held Contrary to Statutory Provisions and Quashed.

19 Jan 2016

The petitioner, M/s. Sunflag Iron & Steel Co. Ltd., a public limited company engaged in steel manufacturing, entered into an agreement with a German c...

High Court

Bombay High Court Quashes Reopening Notice Under Section 148 of Income Tax Act for Lack of Fresh Material. Assessment Reopened Beyond Four Years Without Allegation of Failure to Disclose Material Facts Held Invalid.

4 Mar 2014

The petitioner, Talati & Panthaky Associated Pvt. Ltd., filed a writ petition under Article 226 of the Constitution of India challenging a notice date...

High Court

Bombay High Court Dismisses Revenue's Appeal in MAT Credit Case — Credit for Brought Forward MAT Must Be Given Before Computing Interest Under Section 234B of Income Tax Act, 1961. The Court held that MAT credit reduces the tax payable on assessment and must be deducted from gross demand before charging interest under Section 234B.

6 Apr 2010

The appeal by the Revenue arose from an order of the Income Tax Appellate Tribunal dated 20 June 2007, concerning assessment year 2000-2001. The asses...

High Court

Bombay High Court Dismisses Assessee's Appeal in Income Tax Revision Case — Commissioner Validly Invoked Section 263 for Non-Consideration of Seized Documents. The court held that the Assessing Officer's failure to consider seized 'Jama Kharch Panas' showing undisclosed turnover made the block assessment order erroneous and prejudicial to revenue.

26 Mar 2010

The appeal by the Assessee, M/s. Ranka Jewellers, under Section 260A of the Income Tax Act, 1961, challenged the order of the Income Tax Appellate Tri...

High Court

Bombay High Court Quashes Reopening Notice in Income Tax Case Due to Lack of Fresh Material — Interest on Refund Net of Interest Paid Under Section 220 Was Fully Disclosed During Original Assessment

19 Mar 2010

The petitioner, Arthur Anderson & Co., filed a writ petition under Article 226 of the Constitution challenging a notice dated 4 February 2009 issued b...

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